Ethereum (ETH) Bull Run 2.0 Begins, History Suggests It Could Outperform the First Rally

In previous cycles, $ETH has consistently surpassed its initial peak during the second phase of its growth.

Ethereum’s second bull run appears to be gaining momentum, and if history is any indication, it could be poised to outpace the gains seen during the first rally.

In previous cycles, $ETH has consistently managed to surpass its initial peak during the second phase of its growth.

Now, as we're in phase two of this bull run, could we be about to witness massive gains? 👀🔥 pic.twitter.com/Rf8Haf5Ki4

— Kyledoops (@kyledoops) November 27, 2024

Recent on-chain activity has revealed heightened market anticipation, with net flows to derivatives hitting 42,000 $ETH twice, which often indicates traders preparing for a potential price drop by opening short positions.

As Ethereum approaches the critical $3,500 resistance level, the stage is set for significant market action.

$ETH netflow to derivatives just hit 42,000 twice—what's going on? 👀

This kind of inflow often points to traders loading up on shorts, expecting a drop.

With ETH closing in on $3.5K resistance, we might be about to see some fireworks! 🚀📉 pic.twitter.com/27up6aDA2m

— Kyledoops (@kyledoops) November 27, 2024

Whale Activity Boosts Confidence

A major Ethereum whale, identified as “0xba7,” has been actively accumulating $ETH on Bybit. Over the past 12 days, the whale spent $63.99 million USDT to acquire 19,447 $ETH at an average price of $3,290.

Notably, today alone, the whale purchased 4,801 $ETH for $16.11 million USDT, achieving an unrealized profit of $2.13 million (+3.29%). Such substantial investments often signal long-term confidence in Ethereum’s trajectory.

Big $ETH accumulator spotted!

Major whale "0xba7" has spent 63.99M $USDT to buy 19,447 $ETH on #Bybit at an average price of $3,290 over the past 12 days.

Of this, 4,801 $ETH were purchased today for 16.11M $USDT.

The unrealized profit currently stands at $2.13M (+3.29%).… pic.twitter.com/v7GFebcV3v

— Spot On Chain (@spotonchain) November 27, 2024

Vitalik Buterin’s Recent Transactions

In other news, Ethereum co-founder Vitalik Buterin sold four meme coins for 24.5 $ETH ($81.8K) and donated a substantial 320 $ETH ($1.07M) to Coin Center.

The sold tokens include:

– 330B $LEDOG: Sold for 10.96 $ETH ($36.7K)

– 3.03T $DOGC: Sold for 10.8 $ETH ($36K)

– 19.95M #99: Sold for 1.58 $ETH ($5.3K)

– 300M #VITALIK: Sold for 1.14 $ETH ($3.8K)

Vitalik Buterin (@VitalikButerin) just sold 4 #memecoins for 24.5 $ETH ($81.8K) and donated 320 $ETH ($1.07M) to Coin Center (@coincenter).

The meme coins that he sold include:

– 330B $LEDOG ($36.7K) for 10.96 $ETH

– 3.03T $DOGC ($36K) for 10.8 $ETH

– 19.95M #99 ($5.3K) for… https://t.co/YiYn7lKUAM pic.twitter.com/xd1zYblO2l

— Spot On Chain (@spotonchain) November 27, 2024

Ethereum Spot ETF Sees Inflows  

Adding to the bullish sentiment, Ethereum’s spot ETF recorded a net inflow of $40.67 million yesterday, further demonstrating strong institutional interest.

On November 26, the Bitcoin spot ETF had a total net outflow of $123 million, and the Ethereum spot ETF had a total net inflow of $40.6741 million yesterday. https://t.co/59u0BnEqLG

— Wu Blockchain (@WuBlockchain) November 27